LIVE: Chinese Vice Premier He Lifeng’s special address at Davos

Summary

In a global context of economic challenges, China advocates for win-win cooperation and adherence to WTO rules in trade agreements. It highlights the importance of mutual respect, dialogue, and fostering common prosperity. Despite facing internal challenges, China emphasizes its resilience and commitment to innovation, green development, and expanding domestic consumption. The nation pledges to contribute to global economic growth, offering opportunities for international collaboration in various sectors, including technology, trade, and green energy. China remains focused on building trust, resolving disputes through consultation, and fostering a more prosperous, sustainable future.

Takeaways

• 😀 China supports mutually beneficial trade agreements that comply with WTO rules and do not harm third-party interests.
• 😀 The global economic growth is forecasted at 3.1% for 2026, below the pre-COVID average, with ongoing challenges like rising inequality and unsustainable development.
• 😀 The UN reports that two-thirds of sustainable development goals are unlikely to be met by 2030, underscoring the need for cooperative global development.
• 😀 China's approach is to pursue win-win cooperation, focusing on increasing global economic opportunities instead of zero-sum competition.
• 😀 China emphasizes that its development presents opportunities, not threats, for the global economy, and cooperation with China benefits all parties involved.
• 😀 Despite long-term deficits in services trade, China is committed to expanding imports, fostering industrial cooperation, and sharing its market opportunities.
• 😀 The U.S.-China economic and trade relations demonstrate that mutual respect and consultation lead to stable, beneficial outcomes for both sides.
• 😀 China's economic growth, at an average of 5.4% annually over the past five years, contributes significantly to global economic growth, with a focus on reform and opening up.
• 😀 China plans to accelerate high-quality development, tapping into its large domestic market and expanding global cooperation in areas like innovation and green development.
• 😀 The country is committed to carbon neutrality by 2060, aiming to lead global efforts in green and low-carbon transitions while driving international cooperation in these areas.
• 😀 China is fostering an innovation-driven economy, aiming for technological advancements and collaborations that benefit the global market, particularly in AI and renewable energy.

Q & A

What is China's stance on trade agreements between countries?

China supports mutually beneficial trade agreements but emphasizes that these agreements should comply with WTO rules and not harm the interests of third parties.

What is the current global economic situation according to China?

China acknowledges that global economic growth is lacking momentum, with an IMF forecast of only 3.1% growth for 2026, which is below the pre-COVID average of 3.7%. Moreover, inequality is increasing, and sustainable development faces serious challenges.

What is China's approach to global development?

China advocates for win-win cooperation, where all parties play their part and benefit equally. It believes that growing the 'pie' together is more important than competing for it, and solving problems together is more effective than blaming each other.

How does China view trade relations with the United States?

China believes that cooperation with the United States is mutually beneficial. They emphasize that as long as both sides engage in respectful dialogue and equal consultation, solutions to economic and trade issues can be found, demonstrating that cooperation leads to mutual success.

What is China's position on foreign trade surpluses?

China does not seek trade surpluses. While being the world’s manufacturing hub, China also hopes to be a major global market. However, it often faces challenges when trying to buy from other countries, especially when trade issues are viewed through security lenses.

What is China's role in the global services trade?

China has a long-standing deficit in services trade but does not view it as being taken advantage of. Instead, China plans to leverage its large domestic market, expand imports, and foster industrial cooperation to ensure other countries can also benefit from China’s opportunities.

How does China plan to foster common prosperity with its trading partners?

China aims to foster common prosperity by focusing on its own development, expanding trade, and making the global economy and trade more inclusive. It strives to build a fair environment where all countries can share in the opportunities created by China’s growing market.

What challenges does China face in its economic development?

China faces both old and new challenges, primarily related to its growing pains during a phase of development and transition. However, China is committed to tackling these issues and is confident in its ability to address various risks and challenges.

How is China planning to boost domestic consumption?

China plans to boost domestic consumption by focusing on growing the middle-income group and increasing per capita consumer spending. This will be supported by policies aimed at income growth, especially in urban and rural areas, and expanding consumption in key sectors like education, healthcare, and elderly care.

What is China’s approach to innovation and technological development?

China views innovation as essential for high-quality development and aims to integrate technological and industrial innovation. It focuses on expanding research, protecting intellectual property, and fostering collaboration in areas like AI, which will benefit not only China but the world.

How is China addressing environmental challenges and green development?

China is committed to green development and has set ambitious goals for carbon peaking by 2030 and achieving carbon neutrality by 2060. It has built the world’s largest renewable energy system and is working with other nations to promote global green and low-carbon development.

What message does China convey at the World Economic Forum?

China stresses the importance of dialogue and cooperation for a brighter global future. The message centers around solidarity, mutual respect, and a shared vision for a community with a common future. China believes the strength for overcoming global challenges lies in cooperation.